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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission File Number: 001-36042
 PRECIGEN, INC.
(Exact name of registrant as specified in its charter)
Virginia 26-0084895
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
20374 Seneca Meadows Parkway 
Germantown,Maryland 20876
(Address of principal executive offices) (Zip Code)
(301) 556-9900
(Registrant's telephone number, including area code) 
N/A
(Former name, former address and former fiscal year, if changed since last report date) 
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value PGEN Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer 
Non-accelerated filer  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of July 31, 2020, 172,311,228 shares of common stock, no par value per share, were issued and outstanding.


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PRECIGEN, INC.
FORM 10-Q
TABLE OF CONTENTS
 
Item No. Page
1.
2.
3.
4.
1.
1A.
2.
3.
4.
5.
6.
Intrexon®, Trans Ova Genetics®, ActoBiotics®, RheoSwitch®, UltraVector®, RTS®, and RheoSwitch Therapeutic System® are our and/or our affiliates' registered trademarks in the United States and GenVec™, Precigen™, AdenoVerse™, ActoBio Therapeutics™, Progentus™, AttSite™, and Precigen Therapeutics™ are our and/or our affiliates' common law trademarks in the United States. This Quarterly Report on Form 10-Q, or Quarterly Report, and the information incorporated herein by reference contain references to trademarks, service marks, and trade names owned by us or other companies. Solely for convenience, trademarks, service marks, and trade names referred to in this Quarterly Report and the information incorporated herein, including logos, artwork, and other visual displays, may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks, and trade names. We do not intend our use or display of other companies' trade names, service marks, or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Other trademarks, trade names, and service marks appearing in this Quarterly Report are the property of their respective owners. Unless the context requires otherwise, references in this Quarterly Report to "Precigen", "we", "us", and "our" refer to Precigen, Inc.
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Special Note Regarding Forward-Looking Statements
This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this Quarterly Report, including statements regarding our strategy; future events, including their outcome or timing; future operations; future financial position; future revenue; projected costs; prospects; plans; objectives of management; and expected market growth, are forward-looking statements. The words "aim", "anticipate", "assume", "believe", "continue", "could", "due", "estimate", "expect", "intend", "may", "plan", "predict", "potential", "positioned", "project", "seek", "should", "target", "will", "would", and the negatives of these terms or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:
 
our ability to successfully enter new markets or develop product candidates, including the expected timing and results of investigational studies and preclinical and clinical trials, and our research and development programs;
the timing or likelihood of regulatory filings for any product candidates we develop and our ability to obtain and maintain regulatory approvals for such product candidates for any indication;
our intentions and ability to successfully commercialize our product candidates;
the rate and degree of market acceptance of any products developed by us;
our ability to successfully execute and achieve benefits from our recent leadership transition plan and organizational restructuring;
our efforts to hold or generate significant operating capital, including through partnering, potential asset sales of our non-healthcare assets, and operating cost reductions;
our cash position;
any delays or potential delays to our clinical trials as a result of the COVID-19 pandemic;
our estimates regarding expenses, future revenue, capital requirements, and our need for additional financing;
our strategy and overall approach to our business model, including our efforts to focus our business in the healthcare industry;
our ability to adapt to changes in laws, regulations, and policies;
our reliance on and the performance of third parties, including exclusive channel collaborations and joint ventures, or JVs;
competition from existing technologies and products or new technologies and products that may emerge;
our expectations related to the use of proceeds from our public offerings and other financing efforts;
actual or anticipated variations in our operating results;
market conditions in our industry;
our ability to retain, recruit, and train key personnel, or the loss of key personnel as a result of illness or otherwise;
our ability to successfully enter into optimal strategic relationships with our subsidiaries and operating companies that we may form in the future;
the result of litigation proceedings or investigations that we currently face or may face in the future; and
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the effects, duration, and severity of the ongoing COVID-19 pandemic and the actions we and others have taken or may take in response.
Forward-looking statements may also concern our expectations relating to our subsidiaries and other affiliates. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report.
We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report, particularly in Part II, Item 1A. "Risk Factors," that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, JVs, or investments that we may make.
You should read this Quarterly Report, the documents that we reference in this Quarterly Report, our Annual Report on Form 10-K for the year ended December 31, 2019, the other reports we have filed with the Securities and Exchange Commission, or SEC, and the documents that we have filed as exhibits to our filings with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Precigen, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands, except share data)June 30,
2020
December 31,
2019
Assets
Current assets
Cash and cash equivalents$46,713  $65,793  
Short-term investments86,292  9,260  
Receivables
Trade, less allowance for credit losses of $5,690 and $5,201 as of June 30, 2020 and December 31, 2019, respectively
23,337  20,650  
Related parties, less allowance for credit losses of $2,312 as of June 30, 2020 and December 31, 2019
294  600  
Other364  4,978  
Inventory12,729  16,097  
Prepaid expenses and other3,266  6,444  
Current assets held for sale  110,821  
Total current assets172,995  234,643  
Property, plant and equipment, net46,956  60,969  
Intangible assets, net64,759  68,346  
Goodwill54,122  63,754  
Investments in affiliates859  1,461  
Right-of-use assets20,683  25,228  
Other assets1,341  1,362  
Total assets$361,715  $455,763  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited) 
(Amounts in thousands, except share data)June 30,
2020
December 31,
2019
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable$3,650  $5,917  
Accrued compensation and benefits7,719  14,091  
Other accrued liabilities9,342  12,049  
Deferred revenue, including $0 and $877 from related parties as of June 30, 2020 and December 31, 2019, respectively
6,592  5,697  
Lines of credit  1,922  
Current portion of long-term debt, including $31,680 and $31,211 to related parties as of June 30, 2020 and December 31, 2019, respectively
32,108  31,670  
Current portion of lease liabilities4,514  4,182  
Related party payables175  51  
Current liabilities held for sale  47,333  
Total current liabilities64,100  122,912  
Long-term debt, net of current portion, including $25,000 to related parties as of June 30, 2020 and December 31, 2019
191,205  186,321  
Deferred revenue, net of current portion, including $31,020 and $30,182 from related parties as of June 30, 2020 and December 31, 2019, respectively
32,858  48,136  
Lease liabilities, net of current portion21,212  23,849  
Deferred tax liabilities2,698  2,834  
Other long-term liabilities100    
Total liabilities312,173  384,052  
Commitments and contingencies (Note 16)
Shareholders' equity
Common stock, no par value, 400,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 172,285,932 shares and 163,274,880 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
    
Additional paid-in capital1,802,413  1,752,048  
Accumulated deficit(1,752,221) (1,652,869) 
Accumulated other comprehensive loss(650) (27,468) 
Total shareholders' equity49,542  71,711  
Total liabilities and shareholders' equity$361,715  $455,763  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

(Amounts in thousands, except share and per share data)Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2020201920202019
Revenues
Collaboration and licensing revenues, including $32 and $5,902 from related parties during the three months ended June 30, 2020 and 2019, respectively, and $230 and $10,692 during the six months ended June 30, 2020 and 2019, respectively
$4,315  $6,450  $15,036  $12,421  
Product revenues8,540  7,800  13,501  12,637  
Service revenues17,381  18,400  31,327  29,783  
Other revenues188  186  398  580  
Total revenues30,424  32,836  60,262  55,421  
Operating Expenses
Cost of products8,141  8,502  14,230  16,224  
Cost of services6,770  8,218  14,306  15,310  
Research and development14,208  28,239  33,099  55,177  
Selling, general and administrative18,739  19,250  41,757  50,299  
Impairment of goodwill9,635    9,635    
Impairment of assets12,406    12,406    
Total operating expenses69,899  64,209  125,433  137,010  
Operating loss(39,475) (31,373) (65,171) (81,589) 
Other Expense, Net
Unrealized and realized appreciation in fair value of equity securities and preferred stock, net  5,760    6,209  
Interest expense(4,592) (4,353) (9,184) (8,658) 
Interest and dividend income773  1,024  1,446  2,385  
Other income (expense), net71  (2,656) 135  (2,110) 
Total other expense, net(3,748) (225) (7,603) (2,174) 
Equity in net loss of affiliates(251) (716) (602) (1,464) 
Loss from continuing operations before income taxes(43,474) (32,314) (73,376) (85,227) 
Income tax benefit120  9  80  22  
Loss from continuing operations(43,354) (32,305) (73,296) (85,205) 
Loss from discontinued operations, net of income taxes  (6,626) (26,056) (15,862) 
Net loss$(43,354) $(38,931) $(99,352) $(101,067) 
Net loss attributable to the noncontrolling interests  165    1,592  
Net loss attributable to Precigen$(43,354) $(38,766) $(99,352) $(99,475) 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

(Amounts in thousands, except share and per share data)Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2020201920202019
Amounts Attributable to Precigen
Net loss from continuing operations attributable to Precigen$(43,354) $(32,140) $(73,296) $(83,613) 
Net loss from discontinued operations attributable to Precigen  (6,626) (26,056) (15,862) 
Net loss attributable to Precigen$(43,354) $(38,766) $(99,352) $(99,475) 
Net Loss per Share
Net loss from continuing operations attributable to Precigen per share, basic and diluted$(0.26) $(0.21) $(0.45) $(0.55) 
Net loss from discontinued operations attributable to Precigen per share, basic and diluted  (0.04) (0.16) (0.10) 
Net loss attributable to Precigen per share, basic and diluted$(0.26) $(0.25) $(0.61) $(0.65) 
Weighted average shares outstanding, basic and diluted164,065,087  153,749,929  162,201,915  153,351,208  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
 
 Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
(Amounts in thousands)2020201920202019
Net loss$(43,354) $(38,931) $(99,352) $(101,067) 
Other comprehensive income (loss):
Unrealized gain (loss) on investments(300) 59  272  106  
Gain (loss) on foreign currency translation adjustments1,004  26  (411) 311  
Release of cumulative foreign currency translation adjustments to loss from discontinued operations    26,957    
Comprehensive loss(42,650) (38,846) (72,534) (100,650) 
Comprehensive loss attributable to the noncontrolling interests  199    1,581  
Comprehensive loss attributable to Precigen$(42,650) $(38,647) $(72,534) $(99,069) 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Shareholders' and Total Equity
(Unaudited)
 
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Shareholders'
Equity
SharesAmount
Balances at March 31, 2020170,656,834  $  $1,797,450  $(1,354) $(1,708,867) $87,229  
Stock-based compensation expense—  —  4,897  —  —  4,897  
Shares issued upon vesting of restricted stock units and for exercises of stock options171,682  —  66  —  —  66  
Shares issued for accrued compensation1,457,416  —    —  —    
Net loss—  —  —  —  (43,354) (43,354) 
Other comprehensive income—  —  —  704  —  704  
Balances at June 30, 2020172,285,932  $  $1,802,413  $(650) $(1,752,221) $49,542  
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Precigen
Shareholders'
Equity
Noncontrolling
Interests
Total
Equity
SharesAmount
Balances at March 31, 2019160,615,416  $  $1,732,608  $(28,325) $(1,391,254) $313,029  $21,794  $334,823  
Stock-based compensation expense—  —  56  —  —  56  5  61  
Shares issued upon vesting of restricted stock units and for exercises of stock options and warrants345,378  —    —  —        
Shares issued as payment for services956,630  —  4,857  —  —  4,857  —  4,857  
Adjustments for noncontrolling interests—  —  (72) —  —  (72) 72    
Deconsolidation of subsidiary—  —  —  —  —  —  (21,672) (21,672) 
Net loss—  —  —  —  (38,766) (38,766) (165) (38,931) 
Other comprehensive income (loss)—  —  —  119  —  119  (34) 85  
Balances at June 30, 2019161,917,424  $  $1,737,449  $(28,206) $(1,430,020) $279,223  $  $279,223  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Shareholders' and Total Equity
(Unaudited) 
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Shareholders'
Equity
SharesAmount
Balances at December 31, 2019163,274,880  $  $1,752,048  $(27,468) $(1,652,869) $71,711  
Stock-based compensation expense—  —  9,269  —  —  9,269  
Shares issued upon vesting of restricted stock units and for exercises of stock options840,468  —  66  —  —  66  
Shares issued for accrued compensation1,805,405  —  5,100  —  —  5,100  
Shares issued as payment for services392,483  —  930  —  —  930  
Shares issued in private placement5,972,696  —  35,000  —  —  35,000  
Net loss—  —  —  —  (99,352) (99,352) 
Release of cumulative translation adjustments to loss from discontinued operations—  —  —  26,957  —  26,957  
Other comprehensive loss—  —  —  (139) —  (139) 
Balances at June 30, 2020172,285,932  $  $1,802,413  $(650) $(1,752,221) $49,542  
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Precigen
Shareholders'
Equity
Noncontrolling
Interests
Total
Equity